Bloomberg News

HSBC’s Third Quarter Currency Income Drops on Lower Volatility

November 05, 2012

HSBC Holdings Plc (HSBA), the fifth-largest currency dealer as ranked by Euromoney Institutional Investor Plc (ERM), said foreign-exchange income declined in the quarter ended Sept. 30 from a year earlier.

While combined revenue from financial markets improved 71 percent to $2.2 billion, income from foreign exchange decreased 20 percent to $736 million, because of a decline in “market volatility compared to the particularly high levels of 3Q 2011,” the London-based bank said today in a regulatory statement.

Deutsche Bank AG (DBK) and UBS AG (UBSN), the first- and fourth-placed currency dealers, said last week their foreign-exchange incomes fell in the third quarter.

To contact the reporter on this story: Neal Armstrong in London at narmstrong8@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net


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